阿拉斯加航空 (ALK) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2024 First Quarter Earnings Call. (Operator Instructions) Today's call is being recorded and will be accessible for future playback at alaskaair.com. (Operator Instructions) I would now like to turn the call over to Alaska Air Group's Vice President of Finance, Planning and Investor Relations, Ryan St. John.

早安，女士們、先生們，歡迎參加阿拉斯加航空集團 2024 年第一季財報電話會議。 （操作員說明）今天的通話正在錄音，將來可在 alaskaair.com 上重播。 （操作員指示）我現在想將電話轉給阿拉斯加航空集團財務、規劃和投資者關係副總裁 Ryan St. John。

Thank you, operator, and good morning. Thank you for joining us for our first quarter 2024 earnings call. This morning, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com. On today's call, you'll hear updates from Ben, Andrew and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.

謝謝您，接線員，早安。感謝您參加我們的 2024 年第一季財報電話會議。今天早上，我們發布了收益報告以及幾張詳細介紹我們業績的隨附幻燈片，這些幻燈片可在 Investor.alaskaair.com 上取得。在今天的電話會議上，您將聽到本、安德魯和肖恩的最新消息。我們管理團隊的其他幾位成員也在電話問答部分在線回答您的問題。

This morning, Air Group reported a first quarter GAAP net loss of $132 million. Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported an adjusted net loss of $116 million. As a reminder, our comments today will include forward-looking statements about future performance, which may differ materially from our actual results.

今天上午，Air Group 報告第一季 GAAP 淨虧損為 1.32 億美元。不包括特殊項目和按市值計價的燃油對沖調整，Air Group 報告調整後淨虧損為 1.16 億美元。提醒一下，我們今天的評論將包括有關未來業績的前瞻性陳述，這可能與我們的實際結果有重大差異。

Information on risk factors that could affect our business can be found within our SEC filings. We will also refer to certain non-GAAP financial measures such as adjusted earnings and unit costs, excluding fuel. And as usual, we have provided a reconciliation between the most directly comparable GAAP and non-GAAP measures in today's earnings release. Over to you, Ben.

有關可能影響我們業務的風險因素的資訊可以在我們向 SEC 提交的文件中找到。我們也將參考某些非公認會計原則財務指標，例如調整後的收益和單位成本（不包括燃料）。像往常一樣，我們在今天的財報中提供了最直接可比較的公認會計原則和非公認會計原則衡量指標之間的調節表。交給你了，本。

Thanks, Ryan, and good morning, everyone. As you are all aware, the most significant event this quarter was the accident involving Flight 1282 and the subsequent 4-week grounding of 1/3 of our fleet. Our focus has been on the safe return of our fleet, caring for our employees and guests and enhancing our oversight of the production of our new aircraft.

謝謝瑞安，大家早安。眾所周知，本季最重大的事件是 1282 航班事故以及隨後 1/3 機隊停飛 4 週的事件。我們的重點是機隊的安全返回、照顧我們的員工和客人以及加強對新飛機生產的監督。

This event also had a substantial financial impact, totaling $162 million, which Boeing has fully compensated us for. To provide clarity on our core business performance, I will discuss our Q1 results, excluding the effects of Flight 1282 and the MAX grounding.

這起事件也產生了巨大的財務影響，總計 1.62 億美元，波音已全額補償了我們。為了清楚說明我們的核心業務績效，我將討論我們第一季的業績，不包括 1282 航班和 MAX 停飛的影響。

During the quarter, we also received a second request for information from the DOJ, regarding our proposed acquisition of Hawaiian Airlines. We are working to respond to these requests as quickly as possible. Given the substantial volume of information involved, we have granted the government an additional 60 days to review our responses, and we'll continue to work with them to advance the process as swiftly as possible.

在本季度，我們也收到了司法部關於我們擬議收購夏威夷航空的第二次資訊請求。我們正在努力盡快回應這些請求。鑑於涉及的資訊量很大，我們已授予政府額外 60 天的時間來審查我們的答复，我們將繼續與他們合作，盡快推進這一進程。

We still believe strongly in the pro-consumer and pro-competitive merits of this deal and are excited by the opportunities this will unlock for Alaska, both domestically and internationally.

我們仍然堅信這項交易有利於消費者和有利於競爭的優點，並對這將為阿拉斯加帶來的國內和國際機會感到興奮。

A year ago, I set a goal for my team to reduce losses in the first quarter, traditionally our weakest, with the aim of progressing towards breakeven over the next 3 years. I am proud to announce that excluding the grounding impact we have achieved this goal in 1 year. Our Q1 performance far exceeded our initial expectation of a 30% profit improvement coming into this year.

一年前，我為我的團隊設定了一個目標，減少第一季的損失，這是我們傳統上最弱的季度，目標是在未來三年內實現盈虧平衡。我很自豪地宣布，排除停飛影響，我們在一年內實現了這一目標。我們第一季的業績遠遠超出了我們最初預期的今年利潤增長 30% 的預期。

We not only reduced losses, but we turned a small profit, absent the MAX grounding on record revenue for the quarter. Several factors contributed to this positive performance, including disciplined and thoughtful capacity planning, a concerted effort to reconfigure and optimize our network, the return of West Coast business travel, particularly among technology companies and strong leisure demand throughout our markets.

我們不僅減少了損失，而且在沒有 MAX 實現本季創紀錄收入的情況下實現了小幅盈利。有幾個因素促成了這一積極的表​​現，包括嚴格和深思熟慮的運力規劃、重新配置和優化我們的網絡的共同努力、西海岸商務旅行的回歸，尤其是科技公司的回歸，以及整個市場的強勁休閒需求。

While we strive to do even better going forward, the underlying improvement in our core business in Q1, despite the significant disruption felt across our business from the MAX grounding is a fantastic result for Air Group.

雖然我們努力在未來做得更好，但儘管MAX 停飛為我們的業務帶來了重大干擾，但我們的核心業務在第一季度取得了根本性的改善，這對Air Group 來說是一個了不起的結果。

With this outperformance, we are revising our full year adjusted EPS from $3.25 to $5.25, which does not reflect any compensation. We remain encouraged by our Q2 outlook and beyond. We've continued to see robust demand through the spring break travel season and have visibility to double-digit adjusted pretax margins in the second quarter despite higher fuel prices.

鑑於這種優異的表現，我們將全年調整後每股收益從 3.25 美元修改為 5.25 美元，這並不反映任何補償。我們對第二季及以後的前景仍然感到鼓舞。儘管燃油價格上漲，但我們在整個春假旅行季節仍然看到強勁的需求，並且第二季調整後的稅前利潤率將達到兩位數。

Our commitment to changing the outcome in Q1 positions us at a better starting point, not only for the rest of this year, but also in years to come, as we look to grow profits and earnings over time from a stronger base. Now looking ahead, our focus remains on driving our strategic initiatives forward and managing the elements of our business within our control. We are excited to be back on track and running a solid operation with our full fleet and service.

我們對改變第一季結果的承諾使我們處於一個更好的起點，不僅在今年剩餘時間，而且在未來幾年，因為我們希望在更強大的基礎上隨著時間的推移增加利潤和收益。現在展望未來，我們的重點仍然是推動我們的策略計劃向前發展，並在我們的控制範圍內管理我們的業務要素。我們很高興能夠回到正軌，並透過我們完整的機隊和服務穩定運作。

As I stated earlier, we have received $162 million in cash compensation from Boeing, making us hope for the total Q1 profit impact related to the MAX grounding. Our long-standing partnership with Boeing is important to us and to our success. The financial agreement we've reached with them is a strong reflection of that relationship. We remain committed partners. But we will hold Boeing to the highest bar for quality out of the factory.

正如我之前所說，我們已經從波音公司獲得了 1.62 億美元的現金補償，這讓我們對 MAX 停飛對第一季利潤的影響抱有希望。我們與波音公司的長期合作關係對我們和我們的成功都很重要。我們與他們達成的財務協議有力地反映了這種關係。我們仍然是忠誠的合作夥伴。但我們將讓波音公司在出廠時維持最高的品質標準。

And to that end, we have enhanced our in-person oversight of our 737 production line and are regularly engaging with Boeing leadership on quality and schedule. Alaska needs Boeing. Our industry Boeing, and our country needs Boeing to be a leader in airplane manufacturing.

為此，我們加強了對 737 生產線的親自監督，並定期與波音領導層就品質和進度進行溝通。阿拉斯加需要波音。我們的工業波音，我們的國家需要波音成為飛機製造的領導者。

Operationally, we've regained our reliability by returning our entire fleet to service on February 8. The response from our guests has been incredibly positive with strong demand evident throughout February and beyond. Our teams have dedicated themselves around the clock to restore operational excellence, resulting in an improved completion rate of 99.5% from the second week of February through March, were in line with our historical standard of performance. A big shout out to our entire maintenance and engineering team for bringing back all our MAX lines into service safely and reliably.

在營運方面，我們於 2 月 8 日恢復了整個機隊的服務，從而恢復了可靠性。我們的團隊日以繼夜地致力於恢復卓越運營，從 2 月第二週到 3 月，完成率提高到 99.5%，符合我們的歷史績效標準。衷心感謝我們整個維護和工程團隊，讓我們所有的 MAX 生產線安全可靠地重新投入使用。

Safety is a foundational and uncompromising value for Air Group, and we expect nothing but the highest quality aircraft from Boeing. Regarding 2024 aircraft deliveries, as we've stated before, we expect Boeing will fall short of the '23 planned deliveries to us this year. Andrew will discuss Q2 capacity in more detail but our objective will be to deliver a schedule with a high level of service and reliability our guests expect and know from us.

安全是航空集團堅定不移的基本價值觀，我們只期望波音提供最高品質的飛機。關於 2024 年飛機交付量，正如我們之前所說，我們預計波音公司今年將達不到 23 年計畫的交付量。安德魯將更詳細地討論第二季度的運力，但我們的目標是提供一個具有高水準服務和可靠性的時間表，滿足客人對我們的期望和了解。

And Shane will discuss the impact to full year CapEx due to fewer deliveries. As we kick off the second quarter, one of our busiest and most profitable periods, we are optimistic and determined to drive strong results in our business. Safety remains paramount. And we've successfully restored operational excellence.

肖恩將討論交付量減少對全年資本支出的影響。隨著第二季的開始，這是我們最繁忙、利潤最高的時期之一，我們樂觀並決心推動業務取得強勁業績。安全仍然是最重要的。我們已經成功恢復了卓越營運。

Building on our Q1 profitability improvements, we're now focused on leveraging these strengths to expand profitability and generate free cash flow. With last year's strong unit cost performance as our foundation, we're enhancing productivity across the Board and our careful management of capacity, combined with our focus on a premium guest experience, positions us well to deliver solid financial results over the next 3 quarters.

在第一季獲利能力改善的基礎上，我們現在專注於利用這些優勢來擴大獲利能力並產生自由現金流。以去年強勁的單位成本績效為基礎，我們正在全面提高生產力，對產能進行精心管理，再加上我們對優質賓客體驗的關注，使我們能夠在未來三個季度實現穩健的財務業績。

And lastly, I just want to acknowledge this amazing Alaska team from our exceptional frontline employees who deliver consistently strong operational results and guest service to our leadership team that holds itself accountable to being better each day. Together, we're driving success every step of the way.

最後，我想感謝我們傑出的第一線員工組成的這個令人驚嘆的阿拉斯加團隊，他們為我們的領導團隊提供了持續強勁的營運績效和客戶服務，讓我們的領導團隊每天都變得更好。我們共同推動每一步的成功。

And with that, I'll turn it over Andrew.

有了這個，我就把它交給安德魯。

Thanks, Ben, and good morning, everyone. Today, my comments will speak to our first quarter results with a focus on unpacking our core performance and addressing second quarter trends and guidance.

謝謝，本，大家早安。今天，我的評論將討論我們第一季的業績，重點是揭示我們的核心業績並解決第二季的趨勢和指導。

We achieved record first quarter revenues totaling $2.2 billion, up 1.6% year-over-year. This is an incredible result, especially when you consider the $150 million in revenue that we lost due to the grounding. Our team did a masterful job rethinking the deployment of our Q1 network in order to combat the seasonal challenges we face and to best serve the demand in our geographies.

我們第一季的營收達到創紀錄的 22 億美元，年增 1.6%。這是一個令人難以置信的結果，尤其是考慮到我們因停飛而損失的 1.5 億美元收入。我們的團隊出色地重新考慮了第一季網路的部署，以應對我們面臨的季節性挑戰並最好地滿足我們所在地區的需求。

Capacity ended the quarter down 2.1% year-over-year, inclusive of an approximate 5.5 point impact from the grounding. This result was better than our initial expectation immediately following the accident due to high utilization, a better-than-expected completion rate and no significant winter weather.

本季末運力較去年同期下降 2.1%，其中包括停飛造成的約 5.5 個百分點的影響。由於利用率高、完工率好於預期且沒有明顯的冬季天氣，這一結果優於我們在事故發生後的最初預期。

Absent the grounding, capacity would have been up approximately 3.5%, a level we feel was appropriate for the Q1 environment and our network reconfiguration. In addition to our focused network efforts, we were positively impacted by the rapid return of corporate travel revenues and general close-in strength, which drove a strong unit revenue result.

如果沒有接地，容量將增加約 3.5%，我們認為這個水準適合第一季的環境和我們的網路重新配置。除了我們專注的網路工作外，我們還受到商務旅行收入的快速回報和整體接近實力的正面影響，這推動了強勁的單位收入結果。

For the quarter, unit revenue was up 3.8% year-over-year. Excluding the impact of the grounding, unit revenue would have been up 5%, which is markedly higher than our original guidance of up 1% to 2%. This outperformance was driven by 3 factors. First, 1.5 points of RASM outperformance came from better-than-expected results related to the reallocation of flying.

本季單位營收年增 3.8%。排除停飛的影響，單位收入將成長 5%，明顯高於我們最初成長 1% 至 2% 的指引。這種優異的表現是由三個因素所驅動的。首先，RASM 的 1.5 個百分點的優異表現來自於與飛行重新分配相關的優於預期的結果。

These changes more successfully met the demand across our markets, as we capitalized on more leisure flying. Second, 1.5 points of RASM improvement came from a material step-up in business travel beginning in January, especially from large technology companies.

隨著我們利用更多的休閒飛行，這些變化更成功地滿足了整個市場的需求。其次，RASM 提高 1.5 個百分點來自於 1 月開始商務旅行的實質提升，尤其是來自大型科技公司的商務旅遊。

In Q1, Managed business revenue grew 22%, approximately 50% driven from yield and 50% from volume. Tech companies saw the biggest improvement with revenues up over 50% year-over-year and professional services revenue an impressive 20%.

第一季度，託管業務收入成長了 22%，其中約 50% 源自收益率，50% 源自於數量。科技公司的進步最大，營收年增超過 50%，專業服務收入成長了 20%，令人印象深刻。

To put the speed of recovery into perspective, Managed business revenues increased 10% in January, a stunning 30% in February and 24% in March. These results were achieved despite the grounding and book away we experienced. Today, Managed corporate revenue has fully recovered the 2019 levels, while Tech is approximately 85% recovered.

從復甦速度來看，1 月託管業務收入成長了 10%，2 月成長了 30%，3 月成長了 24%。儘管我們經歷了停飛和預訂，但仍取得了這些成果。如今，管理企業收入已完全恢復到 2019 年的水平，而科技型企業收入則恢復了約 85%。

As we've said for some time, we expected business travel to come back which we are clearly seeing today. While we did not bake this into our Q1 forecast, we do not anticipate any step back in corporate travel in Q2.

正如我們一段時間以來所說的那樣，我們預計商務旅行將會回歸，這一點我們今天已經清楚地看到了。雖然我們沒有將這一點納入第一季的預測，但我們預計第二季的商務旅行不會有任何下滑。

And third, half point of RASM improvement came once we restored our schedule reliability, and we saw strength in close-in leisure demand return. This strength is especially evident in February, where revenue beat our original pre-grounding expectations, despite loss flying and book away at the beginning of the month.

第三，一旦我們恢復了日程安排的可靠性，RASM 就改善了一半，並且我們看到了近距離休閒需求回歸的強勁勢頭。這種優勢在 2 月尤其明顯，儘管月初出現了虧損和預訂，但收入超出了我們最初的停飛前預期。

Similarly, our total March revenue surpassed our record-breaking result last year on just over 1 point lower load factor, bolstered by yields that improved 2 points in month driven by strong close-in performance. Taken altogether, these impacts drove a 3.5 point improvement above the midpoint of our original guide for the quarter.

同樣，我們 3 月份的總收入超過了去年創紀錄的業績，載客率下降了 1 個多點，而收益率在強勁的近期表現推動下，月內提高了 2 個百分點。總的來說，這些影響使我們本季原始指南的中點提高了 3.5 個百分點。

Lastly, our Premium Cabin performance continues to support what we believe to be a structural shift in higher demand for premium products. First and Premium Class revenues finished up 4% and 11%, respectively, during the quarter, with our first-class paid load factor hitting monthly records at 68% during February and 69% in March.

最後，我們的高級客艙表現持續支持我們認為對優質產品更高需求的結構性轉變。本季頭等艙和豪華艙收入分別成長 4% 和 11%，我們的頭等艙付費載客率在 2 月和 3 月分別創下 68% 和 69% 的月度記錄。

What makes these premium revenue results even more significant is that they would have been higher had we not experienced the grounding. Our paid premium capacity has come a long way from the days of paid load factors in the 40% range for Mainline and an all Coach Regional fleet.

使這些溢價收入結果更加重要的是，如果我們沒有經歷停飛，它們的收入會更高。與主線和全長途客車支線機隊 40% 範圍內的付費載客率時代相比，我們的付費優質運力已經取得了長足的進步。

As we continue to refine our premium strategy across our products and markets, we have further upside to come and remain committed to building on our premium guest experience, offering the products our guests and loyalty members want. Our loyalty program, which we hope to share more on later this year, also continues to post strong results.

隨著我們不斷完善我們的產品和市場的優質策略，我們還有進一步的發展空間，並繼續致力於打造優質的賓客體驗，提供賓客和忠誠會員想要的產品。我們希望在今年稍後分享更多的忠誠度計劃，也繼續取得強勁成果。

With co-brand cash remuneration of approximately $430 million in Q1, up 4.2% year-over-year, notwithstanding the grounding and a major contributor to the 48% of revenues we generate outside the main cabin. Now turning to our outlook and guidance. We expect capacity to step up 5% to 7% year-over-year in the second quarter, with the low end of this range, assuming no aircraft are delivered this quarter.

儘管停飛，但第一季聯合品牌現金薪酬約為 4.3 億美元，年增 4.2%，並且是我們在主艙外產生的 48% 收入的主要貢獻者。現在轉向我們的展望和指導。假設本季沒有交付飛機，我們預計第二季運力將年增 5% 至 7%，處於該範圍的低端。

Given the uncertainty around delivery timing, following the grounding, we have extended retirements of several of our older aircraft over the next few months and pushed utilization slightly higher across the Mainline Fleet, where we had opportunity.

鑑於交付時間的不確定性，停飛後，我們在接下來的幾個月內延長了幾架舊飛機的退役時間，並略微提高了我們有機會的主線機隊的利用率。

We also added back more capacity on the regional side through Horizon and SkyWest, given higher utilization from improved pilot staffing. Through the combination of these changes, we are confident in flying a reliable schedule for our guests.

我們還透過 Horizo​​​​n 和 SkyWest 在區域方面增加了更多運力，因為飛行員人員配置的改善提高了利用率。透過這些變化的結合，我們有信心為我們的客人提供可靠的航班安排。

While the second quarter will be our highest growth this year, it is also our most profitable growth, with June, a clear peak month for us. While we've added a handful of new routes across our network, the majority of our added flying is focused on additional frequencies in high-demand markets, where we have conviction in their profitability.

雖然第二季將是我們今年最高的成長，但這也是我們利潤最高的成長，六月對我們來說是一個明顯的高峰月份。雖然我們在網路中增加了一些新航線，但我們增加的大部分航班都集中在高需求市場的額外頻率上，我們對其盈利能力充滿信心。

Second quarter bookings so far are encouraging, with yields continuing at healthy levels in April and beyond albeit slightly moderating through the quarter on growing industry capacity. This year, we have seen a more normalized yield and booking curve, building in strength as we get closer in, a trend we expect should persist.

到目前為止，第二季度的預訂量令人鼓舞，四月份及以後的收益率繼續保持在健康水平，儘管由於行業產能增長而在整個季度略有放緩。今年，我們看到了更正常化的殖利率和預訂曲線，隨著我們越來越接近，我們預計這一趨勢應該會持續下去。

Looking beyond Q2, the back half of the year looks to be shaping up well as industry capacity constraints remain in place and competitive intensity dynamics across our West Coast markets stabilize. In closing, the team has done a tremendous job in reshaping our network to produce a strong result for our most seasonally challenged period, with the full value of our differentiated product offering from premium seating to lounges to global partnerships, I believe we are well positioned to drive another solid quarter of performance, as we move into our peak periods this summer.

展望第二季之後，由於行業產能限制仍然存在，並且西海岸市場的競爭強度動態趨於穩定，今年下半年的情況似乎良好。最後，團隊在重塑我們的網絡方面做了巨大的工作，以便在我們最具季節性挑戰的時期取得強勁的成果，從高級座位到休息室再到全球合作夥伴關係，我們的差異化產品提供了全部價值，我相信我們處於有利地位隨著我們今年夏天進入高峰期，推動另一個穩定的季度業績。

And with that, I'll pass it over to Shane.

接下來，我會把它交給謝恩。

Thanks, Andrew, and good morning, everyone. In what has been a challenging start to the year, our people and our business model have shown amazing resilience.

謝謝安德魯，大家早安。在今年充滿挑戰的開局中，我們的員工和業務模式展現了驚人的韌性。

Safety, of course, is our absolute priority, and it will continue to be our top focus above all else. It has, however, been encouraging to see the level of improvement to our core first quarter performance this year.

當然，安全是我們的絕對優先事項，並將繼續成為我們的首要關注點。然而，看到我們今年第一季核心業績的改善程度令人鼓舞。

While managing through the difficult circumstances of Flight 1282 and its aftermath. The teams did an admirable job operating safely and on time, and our commercial team put together a network plan that coupled with strong demand, positioned us well to meet our long-term target to breakeven in Q1.

同時應對​​ 1282 航班及其後果的困難情況。這些團隊在安全、準時營運方面表現出色，我們的商業團隊制定了網路計劃，加上強勁的需求，使我們能夠很好地實現第一季盈虧平衡的長期目標。

We are not shy about setting ambitious goals for ourselves, and we have a good history of delivering on those commitments. Our financial focus remains on continuing to strengthen our business model and delivering strong financial performance over the long term.

我們並不羞於為自己設定雄心勃勃的目標，而且我們在履行這些承諾方面有著良好的歷史。我們的財務重點仍然是繼續加強我們的業務模式並實現長期強勁的財務業績。

Turning to our results. For the first quarter, our adjusted loss per share was $0.92, which excludes compensation received from Boeing related to our MAX fleet grounding. The profit impact of the fleet grounding in Q1 was $162 million or $0.95 of EPS and 7 points of margin.

轉向我們的結果。第一季度，我們調整後的每股虧損為 0.92 美元，其中不包括從波音收到的與 MAX 機隊停飛相關的補償。第一季機隊停飛對利潤的影響為 1.62 億美元，即 EPS 0.95 美元和利潤率 7 個百分點。

Fuel price per gallon was $3.08, as West Coast refining margins continue to be a unique margin headwind to our results relative to the rest of the country. Our total liquidity inclusive of on-hand cash and undrawn lines of credit stood at $2.8 billion, as of March 31.

每加侖燃油價格為 3.08 美元，因為西海岸煉油利潤相對於全國其他地區仍然是我們業績的獨特利潤阻力。截至 3 月 31 日，我們的流動性總額為 28 億美元，包括手頭現金和未提取的信貸額度。

Debt repayments for the quarter were approximately $100 million and are expected to be approximately $50 million in the second quarter. Our leverage levels remain healthy at 47% debt-to-cap and 1.1x net debt to EBITDAR, while our ROIC stands above 9%.

本季債務償還額約 1 億美元，預計第二季債務償還約 5,000 萬美元。我們的槓桿水準保持在 47% 的債務上限和 1.1 倍 EBITDAR 淨債務的健康水平，而我們的 ROIC 則高於 9%。

For the quarter, unit costs were up 11.2% year-over-year, 6 points of which are directly attributable to the fleet grounding, primarily from the significant loss of planned capacity. So we also incurred approximately $30 million of incremental operational recovery costs due to the grounding as well.

本季單位成本年增 11.2%，其中 6 個百分點直接歸因於機隊停飛，主要是由於計畫運力的大幅損失。因此，由於停飛，我們也產生了約 3,000 萬美元的增量營運恢復成本。

Our core unit costs, absent grounding impacts were up approximately 5% year-over-year in the first quarter. The drivers remain similar to prior quarters and are consistent with pressures faced by most airlines, the primary of which is higher labor rates for our people. We have completed 7 labor contracts over the past 2 years, including a recently signed agreement with our aircraft technicians, and we continue to prioritize finalizing an agreement with our flight attendants.

第一季度，我們的核心單位成本（不考慮停飛影響）年增約 5%。驅動因素與前幾季相似，並且與大多數航空公司面臨的壓力一致，其中最主要的是我們員工的勞動力價格上漲。過去兩年，我們已完成 7 份勞動合同，包括最近與飛機技術人員簽署的協議，並且我們繼續優先與空服人員敲定協議。

We remain committed to high productivity in our contracts. And absent the MAX grounding, we would have had a 2% increase in productivity year-over-year, as measured by passengers carried per FTE. We expect continued productivity improvements throughout the year across the company. And in May, we'll operate under our new preferential bidding system for pilots for the first time, which will allow for both enhanced pilot productivity and importantly, schedules that are more aligned with our pilots priorities.

我們仍然致力於合約的高生產力。如果沒有 MAX 停飛，以每 FTE 載客量衡量，我們的生產力將年增 2%。我們預計整個公司的生產力將在全年持續提高。五月，我們將首次在新的飛行員優惠招標制度下運營，這將提高飛行員的生產力，更重要的是，時間表將更加符合我們飛行員的優先事項。

While costs are materially higher structurally for the industry, our margin profile for the first quarter is evidence, we are making the right decisions on capacity deployment. And we will continue to prioritize the overall margin health of the company over growth for the sake of unit cost performance alone.

雖然該行業的結構性成本大幅上升，但我們第一季的利潤狀況就是證據，我們正在為產能部署做出正確的決策。我們將繼續將公司的整體利潤健康狀況置於成長之上，僅考慮單位成本效益。

We are committed to also retain our relative cost advantage, and we continue to do well on that basis. We achieved the industry's best cost performance last year and looking at our rolling 4 quarter unit costs, we have outperformed both Delta and United by 3 points on a stage length adjusted unit cost basis.

我們也致力於保持相對成本優勢，並在此基礎上繼續表現出色。去年，我們實現了業界最佳的成本績效，從第四季度的滾動單位成本來看，在調整階段長度的單位成本基礎上，我們的表現比達美航空和美聯航高出 3 個百分點。

While we may experience quarterly variances on a unit basis, we are not ceding any of our relative advantage. We have widened the gap over the past 12 months, and we remain focused on managing to aggressive budgets and delivering strong margin performance. Not only did we improve profitability, excluding the grounding by $120 million year-over-year, when compared to the first quarter of 2019 and 2023, we've closed the margin gap to our largest peers by approximately 2 to 3 points.

雖然我們可能會遇到單位單位的季度差異，但我們不會放棄任何相對優勢。在過去 12 個月裡，我們擴大了差距，但我們仍然專注於管理激進的預算並提供強勁的利潤表現。與2019 年第一季和2023 年第一季相比，我們不僅提高了獲利能力（排除停飛影響），比去年同期成長了1.2 億美元，還將與最大同業的利潤率差距縮小了約2 至3個百分點。

As we look ahead to Q2 and the rest of the year. I will provide capacity fuel, EPS and CapEx guidance, consistent with the metrics we shared last quarter and our focus on the overall margin profile of the business. For the full year, as Ben shared, we do not expect to receive all 23 deliveries from Boeing that we had originally planned for this year.

當我們展望第二季和今年剩餘時間。我將提供產能燃料、每股盈餘和資本支出指導，與我們上季度分享的指標以及我們對業務整體利潤狀況的關註一致。正如 Ben 所說，全年我們預計不會收到波音原計劃今年交付的全部 23 架飛機。

We are in discussions with Boeing. And as we gain more clarity on those deliveries, we will update our expectations but we expect full year capacity growth at this point to be below 3%. Also, due to lower expected deliveries, we now expect CapEx of $1.2 billion to $1.3 billion versus our prior expectation of $1.4 billion to $1.5 billion.

我們正在與波音公司進行討論。隨著我們對這些交付情況的了解更加清晰，我們將更新我們的預期，但我們預計目前全年產能成長將低於 3%。此外，由於預期交付量較低，我們現在預計資本支出為 12 億至 13 億美元，而先前的預期為 14 億至 15 億美元。

We expect economic fuel cost per gallon to be between $3 and $3.20 for the second quarter and expect refining margins on the West Coast to be more in line with Gulf Coast, which we've seen in the past several weeks. Given the significant spread in West Coast fuel costs versus the rest of the country, we are developing strategies to mitigate this disadvantage.

我們預計第二季度每加侖的經濟燃料成本將在 3 美元至 3.20 美元之間，並預計西海岸的煉油利潤率將與我們在過去幾週看到的墨西哥灣沿岸更加一致。鑑於西海岸燃料成本與全國其他地區的顯著差異，我們正在製定策略來緩解這一劣勢。

Our first step was to discontinue our hedging program, given refining margins have become the more volatile component of fuel costs, which hedging did not protect us from. The full value of hedging cost reduction will take several quarters to bleed in.

我們的第一步是停止我們的對沖計劃，因為煉油利潤已成為燃料成本中波動性更大的組成部分，而對沖並不能保護我們免受這種影響。對沖成本降低的全部價值需要幾個季度才能體現出來。

We are also changing our strategy for our annual fuel tender process to obtain better pricing and are likely to begin a program to begin a modest amount of self-supply of fuel later this year and into 2025. While these will take time to fully mature into our results, we expect these actions to close the current fuel headwind we face versus the rest of the industry and will help us to be well positioned to lead the industry in margins.

我們也正在改變年度燃料招標流程的策略，以獲得更好的定價，並可能啟動一項計劃，在今年晚些時候至 2025 年開始少量自供燃料。我們預計這些行動將消除我們目前相對於行業其他公司面臨的燃料逆風，並將幫助我們在利潤率方面處於領先地位。

And as Ben mentioned, we expect full year EPS to now land between $3.25 and $5.25 for the full year and $2.20 and $2.40 for Q2. Despite a likely $0.35 year-over-year headwind from fuel, we have visibility to a path back to healthy double-digit margins in the second quarter on our way to another strong full year performance.

正如 Ben 所提到的，我們預計全年每股收益目前將在 3.25 美元至 5.25 美元之間，第二季將在 2.20 美元至 2.40 美元之間。儘管燃油方面的同比阻力可能為 0.35 美元，但我們預計第二季利潤率將恢復到兩位數的健康水平，全年業績將再次強勁。

With the immediate impact of the grounding behind us and our operational reliability back on track, we are optimistic about our outlook for the rest of the year. The economy continues to expand with supportive wage growth, recently improving consumer sentiment and trends indicating a continuing preference to prioritize spending on travel and experiences over goods.

隨著停飛的直接影響以及我們的營運可靠性重回正軌，我們對今年剩餘時間的前景感到樂觀。隨著薪資成長的支持，經濟持續擴張，最近消費者情緒有所改善，趨勢顯示人們繼續優先考慮旅行和體驗支出而不是商品支出。

By remaining focused on our historical strength, safety, operational excellence and relative cost performance and continuing to reap the benefits of our commercial initiatives. Our business is configured to compete, to maintain our relative advantage and to continue to deliver strong financial results.

透過持續關注我們的歷史實力、安全性、卓越營運和相對成本效益，並繼續從我們的商業計劃中獲益。我們的業務旨在競爭、保持相對優勢並持續實現強勁的財務表現。

And with that, let's go to your questions.

接下來，讓我們來回答你的問題。

(Operator Instructions) And our first question will come from Andrew Didora with Bank of America.

（操作員說明）我們的第一個問題將來自美國銀行的安德魯·迪多拉（Andrew Didora）。

Shane, I know you're not guiding to CASM, but if I were to just think about 1Q being up 3% on 3.5% capacity. Are there any kind of puts and takes you would call out for 2Q, whereby we wouldn't see kind of CASM stepped down nicely given you're growing at 6%. And then similarly, as I think about the back half as growth comes down, I would expect CASM to maybe flex back up. Is that a fair assessment?

Shane，我知道你不是在指導 CASM，但如果我只考慮第一季在 3.5% 的產能上成長 3%。您是否會在第二季提出任何類型的看跌期權和看跌期權，鑑於您的增長率為 6%，我們不會看到 CASM 很好地下降。同樣，當我考慮下半年成長下降時，我預計 CASM 可能會回升。這是一個公平的評價嗎？

Andrew, yes, I think that's the right contour that we're expecting to see this year. We'll see a decent improvement in unit cost in the second quarter, given the growth profile of the company. And as you mentioned, growth slows down in the back half of the year, and we'll probably see a little more pressure in the back half of the year again on unit costs.

安德魯，是的，我認為這就是我們今年期望看到的正確輪廓。鑑於公司的成長狀況，我們將在第二季看到單位成本的顯著改善。正如您所提到的，下半年成長放緩，我們可能會在今年下半年再次看到單位成本面臨更大的壓力。

I think -- I do just want to mention like the company, I like -- I think we've done a nice job though balancing capacity versus unit cost. You've heard us increasingly talk about our focus on the margin health of the company. So we're going to continue to be smart about how we put capacity into the market, and we'll continue to compete really well on a unit cost basis against the larger airlines in our markets.

我想——我只是想提一下公司，我喜歡——我認為我們在平衡容量與單位成本方面做得很好。您已經聽到我們越來越多地談論我們對公司利潤健康狀況的關注。因此，我們將繼續明智地選擇如何將運力投入市場，並且我們將繼續在單位成本的基礎上與市場上較大的航空公司進行真正的競爭。

That's great. And then just a follow-up for Andrew. I appreciate all the color you gave on corporate travel. Do you know what percentage of your revenues today are corporate and how that compares to pre-pandemic? And any color you can give us just in terms of what the RASM premium would be on corporate, say, versus leisure travel?

那太棒了。接下來是安德魯的後續行動。我很欣賞您為商務旅行所賦予的所有色彩。您知道您今天的收入占公司收入的比例是多少嗎？您能否告訴我們，商務旅行（例如休閒旅行）的 RASM 溢價是多少？

Yes. Thanks, Andrew. We don't disclose that sort of information. But I will tell you that we see continued improvement in strength in our corporate position, the business that is coming our way.

是的。謝謝，安德魯。我們不會透露此類資訊。但我要告訴你的是，我們看到我們的企業地位和我們即將開展的業務的實力不斷增強。

And again, as we've shared for some time, this return from West Coast business travel, especially in the technology area. It's just been very significant. And I think when you look at others' comments around how much their managed business travel increased, hours increased significantly more year-over-year, which is very encouraging.

正如我們一段時間以來所分享的，西海岸商務旅行的回報，尤其是在技術領域。這非常重要。我認為，當你看看其他人關於他們的管理商務旅行增加了多少的評論時，你會發現工作時間同比顯著增加，這是非常令人鼓舞的。

And our next question will come from Helane Becker with TD Cowen.

我們的下一個問題將由 Helane Becker 和 TD Cowen 提出。

Just a question with respect to the way we should think about the second half of the year. So second quarter continues kind of the first quarter strength? And then how are you thinking third quarter versus second quarter?

只是一個關於我們應該如何看待下半年的問題。那麼第二季延續了第一季的強勢嗎？那麼您如何看待第三季與第二季？

Some of your peer group have been talking about a shift in seasonality, maybe stronger July. I want to say a stronger July and June and maybe not so strong August, so much or how you guys -- the pattern of travel goes?

你們的一些同儕團體一直在談論季節性的變化，也許七月會更強勁。我想說七月和六月會更強勁，八月可能不會那麼強勁，或者你們的旅行模式怎麼樣？

Yes. Helane, yes, we're seeing the same thing. I think August and the return of schools and just the exposure of our network across different geographies. June is becoming the single strongest month. And so what you'll see here is we move capacity around to accommodate that. So we feel pretty good about getting ahead of that mix.

是的。 Helane，是的，我們看到了同樣的事情。我認為八月和學校的回歸以及我們在不同地區的網絡的曝光。六月正在成為最強勁的一個月。因此，您將在這裡看到的是，我們會調整容量來適應這種情況。因此，我們對領先於這種組合感覺非常好。

Okay. That's really helpful. And then, Andrew, as you look at like Alaska and the state of Alaska, what's the capacity -- industry capacity situation look like up there? I've been seeing some other airlines adding capacity to Anchorage and Fairbanks from various cities, not Seattle. And I'm just kind of wondering if that's impacting your overall, I don't know, market share maybe is the right word up there?

好的。這真的很有幫助。然後，安德魯，當你看看阿拉斯加和阿拉斯加州時，那裡的產能——工業產能狀況是什麼樣的？我看到其他一些航空公司增加了從各個城市（而不是西雅圖）飛往安克雷奇和費爾班克斯的運力。我只是想知道這是否會影響您的整體業績，我不知道，市場份額也許是正確的詞？

Yes. I think it ebbs and flows. People love to put their capacity into Alaska, as we go into the summer period. I would say industry capacity, what I call Alaska long haul is up decently. So that's putting a little bit of pressure.

是的。我認為它有潮起潮落。當我們進入夏季時，人們喜歡將他們的能力投入阿拉斯加。我想說的是，我所說的阿拉斯加長途航線的產業運力正在大幅成長。所以這會帶來一點壓力。

But overall, we feel really good about our position in Alaska and the routes that we serve. And of course, we are very well positioned to serve anybody who is wanting to travel to Alaska.

但總的來說，我們對我們在阿拉斯加的地位和我們服務的航線感到非常滿意。當然，我們非常有能力為任何想去阿拉斯加旅行的人提供服務。

Your next question will come from Savi Syth with Raymond James.

您的下一個問題將由薩維·賽斯和雷蒙德·詹姆斯提出。

This is Laura on for Savi. What's the general environment that you're assuming for the second half of the year that's reflected in your full year EPS guide?

這是薩維的勞拉。您預計下半年的整體環境會反映在您的全年每股盈餘指南中嗎？

Yes. Look, I think the second half of the year, we expect to continue to be strong and stable. We view it right now, we think it's going to be consistent with what we're seeing today.

是的。看，我認為下半年，我們預計將繼續強勁和穩定。我們現在看到它，我們認為它將與我們今天所看到的保持一致。

I don't think there's a sign that demand is slowing down. We don't expect that at all. I think fuel costs are a little higher than we had planned for the year, which was roughly $3 and came in at $3.08. And I think some of that increase in costs, we expect to be offset by the stronger close-in demand certainly on the business side.

我認為沒有跡象表明需求正在放緩。我們根本不希望這樣。我認為燃料成本比我們今年的計劃略高一些，大約為 3 美元，最終為 3.08 美元。我認為，我們預期部分成本的增加將被業務方面更強勁的近期需求所抵銷。

And so net-net, we haven't really changed our expectation for the full year, and we think it's going to continue to be a strong demand environment.

因此，我們並沒有真正改變對全年的預期，我們認為需求環境將持續強勁。

Okay. Sounds good. And then one more, if you can provide any color about your recent commercial initiatives like Alaska Access and your expectations for the contribution from these programs, that would be great.

好的。聽起來不錯。還有一點，如果您能提供有關您最近的商業計劃（例如“阿拉斯加通道”）的任何資訊以及您對這些計劃貢獻的期望，那就太好了。

Well, I'm glad you noticed Alaska Access. I think what you're really seeing here is that we're continuing to broaden the products and services that we offer. That's obviously something that's quite small.

嗯，我很高興您注意到阿拉斯加通道。我認為您在這裡真正看到的是我們正在繼續擴大我們提供的產品和服務。這顯然是一件很小的事。

The reality is the distribution landscape is materially changing. You've got NEC, but you've also got offer order, settlement and delivery these technology changes are going to massively increase our ability on the revenue side to distribute our various products and services. So what you're going to see us continue to do is to bifurcate all the products and services that we have and continue to distribute those in different forms and ways over time.

現實情況是分銷格局正在發生重大變化。你有 NEC，但你也有報價訂單、結算和交付，這些技術變革將大大提高我們在收入方面分銷各種產品和服務的能力。因此，您將看到我們繼續做的就是將我們擁有的所有產品和服務一分為二，並隨著時間的推移繼續以不同的形式和方式分發這些產品和服務。

So we're really excited about just the technology that's coming our way to help us generate greater revenues.

因此，我們對即將幫助我們創造更多收入的技術感到非常興奮。

And our next question will come from Ravi Shanker with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Ravi Shanker。

So just on the closing commentary. Your comments on the strength of close-in was particularly notable because some of your competitors have been having some challenges with close-end strength or weakness, actually. So are you doing something differently, as the strength idiosyncratic to you as the weakness idiosyncratic to them? If you can unpack that, that would be great.

那就結束評論吧。您對近端強度的評論尤其值得注意，因為實際上您的一些競爭對手一直在近端強度或弱點方面遇到一些挑戰。那麼你是否正在做一些不同的事情，因為你的優勢對你來說是特殊的，而弱點對他們來說是特殊的嗎？如果你能解開它，那就太好了。

I can't specifically speak to other carriers. What I can tell you sitting here looking into April. Demand is coming in very nicely with double-digit increases in unit revenues year-over-year, as we move through the month of April.

我無法具體與其他業者交談。我可以告訴你坐在這裡展望四月的事。隨著四月份的到來，需求成長非常好，單位收入較去年同期成長兩位數。

And as we look to May and June, where we have, obviously, a little bit more industry capacity. We're also seeing a very positive direction in the yields that are coming in through our system. So overall, we feel that Q2 is going to continue to be strong. Our network is well configured. Our premium class is performing. Our ancillary revenues are performing, they were actually up 6% in the first quarter, even though passengers were down. So we feel good about our setup for the second quarter.

展望 5 月和 6 月，我們的產業產能顯然有所增加。我們也看到透過我們的系統獲得的收益率正呈現出非常積極的方向。總的來說，我們認為第二季將繼續強勁。我們的網路配置良好。我們的高級班正在表演。我們的輔助收入表現良好，儘管乘客量下降，但第一季實際上增加了 6%。所以我們對第二季的安排感覺很好。

And Ravi, I might just -- there could be some effect that. As you know, the West Coast have been more depressed on a business recovery basis. And I think that's caught up pretty quickly here in the first quarter, and that could be helping us.

拉維，我可能只是——這可能會產生一些影響。如您所知，西海岸的商業復甦更為蕭條。我認為這在第一季很快就迎頭趕上了，這可能對我們有幫助。

And then I also think just premium continues to be the place where most of the demand growth is happening, and I think we're doing a good job meeting that demand.

然後我還認為溢價仍然是大部分需求成長發生的地方，我認為我們在滿足這項需求方面做得很好。

Got it. That's helpful. And maybe a follow-up to that. Thanks for the detail on the slides in the CASM and the RASM walk. Can you maybe help us understand kind of what that gap between CASM and RASM might look like in 2Q and maybe for the rest of the year as well?

知道了。這很有幫助。也許是後續行動。感謝您提供 CASM 和 RASM walk 中幻燈片的詳細資訊。您能否幫助我們了解 CASM 和 RASM 之間的差距在第二季度乃至今年剩餘時間內可能會是什麼樣子？

Well, Ravi, we're not going to give guidance on those 2 unit metrics, but I would tell you, I think that as we mentioned earlier, maybe the first question, I think CASM will perform better in the second quarter than it did in the first quarter, just given the higher capacity, we'll be able to see a better result.

好吧，拉維，我們不會就這兩個單位指標提供指導，但我想告訴你，我認為正如我們之前提到的，也許是第一個問題，我認為CASM 在第二季度的表現將比以前更好第一季度，只要產能提高，我們就能看到更好的結果。

It could like approach flattish. I think CASM could in the second quarter, we'll see ultimately, if we get to the midpoint of our capacity guide or not, based on deliveries over the next couple of months. And I think unit revenues, they're going to be still pressured a bit by the grounding impact of 1282 and some of the book away in spring break that happened over the first quarter.

它可能會變得平坦。我認為 CASM 可能會在第二季度，根據未來幾個月的交付情況，我們最終會看到我們是否達到產能指南的中點。我認為單位收入仍將受到 1282 的影響以及第一季春假期間部分圖書的影響。

But I think they're going to be strong. I think they're going to continue to perform amongst the best in the industry, on a domestic basis anyhow. So I think we're looking at a strong second quarter from a margin perspective, which is what we said in the script.

但我認為他們會很堅強。我認為無論如何，他們將繼續在業界表現最好，在國內也是如此。因此，我認為我們正在從利潤率角度看待第二季度的強勁表現，這就是我們在腳本中所說的。

And we'll move next to Duane Pfennigwerth with Evercore ISI.

接下來我們將與 Evercore ISI 聯繫 Duane Pfennigwerth。

Can you talk a little bit about what you're seeing in Hawaii how you're thinking about the recovery in Maui and your capacity recovery there? And what you're seeing competitively, any changes there?

您能否談談您在夏威夷所看到的情況以及您如何看待毛伊島的復甦以及那裡的產能恢復？你所看到的競爭情況有什麼改變嗎？

Yes, Duane, Yes. So on Hawaii, actually, we were very pleasantly surprised as far as just the general framework and strength of Hawaii in general. That said, I think our capacity was down close to 40% out of Maui in total, still going to be down 20% as we move through.

是的，杜安，是的。因此，實際上，就夏威夷的整體框架和實力而言，我們感到非常驚訝。也就是說，我認為毛伊島的運力總量下降了近 40%，隨著我們的推進，仍將下降 20%。

So outside of Maui, Hawaii is performing within expectations. I think it's going to be some time before Maui recovers, just to be frank. And so we are adjusting our capacity to meet the demand that we're seeing there. But it's certainly a slow journey.

因此，在毛伊島之外，夏威夷的表現符合預期。坦白說，我認為毛伊島還需要一段時間才能恢復。因此，我們正在調整我們的產能以滿足我們在那裡看到的需求。但這肯定是一個緩慢的旅程。

Okay. So maybe the down 40% recovers to down 20% and you kind of wait and see at that level. Is that a fair way to think about it?

好的。因此，也許下跌 40% 會恢復到下跌 20%，您可以在這個水平上觀望。這是一個公平的思考方式嗎？

Yes, I think the way to think about it is we get through this summer and then as we look into the back end of the year, which is more seasonally weak, we're going to assess how demand is and we'll adjust capacity appropriately.

是的，我認為思考這個問題的方法是，我們度過了今年夏天，然後當我們展望今年年底時，季節性更加疲軟，我們將評估需求情況，並調整產能適當地。

Okay. Great. And then I guess, Shane, you piqued my interest with self supply of fuel. Can you just elaborate on that?

好的。偉大的。然後我想，肖恩，你對自我供應燃料激起了我的興趣。能詳細說明一下嗎？

Sure, Duane. Thanks for asking about fuel supply. Look, I think we've been pretty passive other than the hedging program on managing the fuel line in the business. As you know, we've had significant headwinds that are unique to us, relative to the rest of the industry.

當然，杜安。感謝您詢問燃油供應問題。聽著，我認為除了管理業務燃料線的對沖計劃之外，我們一直相當被動。如您所知，與行業其他公司相比，我們面臨著我們獨特的重大阻力。

And I think it prevented us from being the top margin producer in the industry last year, just on a refining margin basis on the West Coast relative to Gulf Coast. So we're not going to sit idly by and let that continue to impact our results. We spent a lot of time in the first quarter understanding why we have a $0.30 differential relative to the rest of the industry.

我認為這使我們去年無法成為該行業利潤率最高的生產商，僅以西海岸相對於墨西哥灣的煉油利潤率而言。因此，我們不會袖手旁觀，讓這種情況繼續影響我們的結果。我們在第一季花了很多時間來理解為什麼我們相對於行業其他公司有 0.30 美元的差異。

And one of the things we believe we can do is ultimately buy our own fuel from other places around the globe and ship it into some of our larger cities. It takes a while to get that done. Other airlines do it. It's not a brand-new idea to the industry. And I think there'll be a way of saving a few pennies per gallon, which we're going to go after, later this year and into next year. We'll say more about it as we firm up plans.

我們相信我們能做的一件事就是最終從全球其他地方購買我們自己的燃料並將其運送到我們的一些大城市。這需要一段時間才能完成。其他航空公司也這樣做。對於這個行業來說，這並不是一個全新的想法。我認為會有一種方法可以節省每加侖幾美分，我們將在今年晚些時候和明年努力實現這一目標。當我們確定計劃時，我們會對此進行更多討論。

That's great. And if I could sneak one more in here. Just on regional mix. Can you talk broad strokes, what regionals would be as a percent of your capacity maybe this year versus last year?

那太棒了。如果我能再偷偷溜進來一次就好了。只是區域組合。您能否大致談談，與去年相比，今年哪些區域佔您產能的百分比？

And I know you're not giving point estimates on the metrics, but just broad strokes how we should be thinking about it kind of tailwind to RASM, headwind to CASM and maybe margin impacts. It feels like there's probably parts of your network that we're starving for more regional lift, which is help us think about that.

我知道你並沒有給出對指標的點估計，而只是粗略地概括了我們應該如何考慮它對 RASM 的順風、對 CASM 的逆風以及可能的利潤影響。感覺您網路的某些部分可能需要更多的區域提升，這有助於我們思考這一點。

Yes. Thanks for the question. I think from our perspective, it's give or take around 10% of our capacity is regional. I don't see that materially changing.

是的。謝謝你的提問。我認為從我們的角度來看，我們大約 10% 的產能是區域性的。我認為這不會發生實質改變。

That said, the Regional businesses are profitability, just with the return of utilization and redeployment has jumped significantly, and they've been a valuable partner, both SkyWest and Horizon to help us with our Boeing deliveries and those Embraer 175 is backfilling some markets that we otherwise couldn't serve.

也就是說，區域業務是盈利的，只是利用率和重新部署的回報大幅增加，他們一直是有價值的合作夥伴，SkyWest 和Horizo​​​​n 幫助我們完成波音交付，而巴西航空工業公司175 正在回填一些市場，這些市場否則我們無法提供服務。

Yes. And Duane, I'll just say for -- on Horizon's part, this is Ben. Horizon is just performing fantastic. Margins are up. We put a lot of focus in the last few years in our Regional business, and it's really performing nicely, and we continue to see that trend continue over the rest of the year.

是的。杜安，我只想說——就地平線而言，這是本。 Horizo​​n 的表現非常出色。利潤率上升了。過去幾年，我們非常注重區域業務，而且表現確實不錯，而且我們繼續看到這一趨勢在今年剩餘時間內持續下去。

Your next question will come from Jamie Baker with JPMorgan.

您的下一個問題將由摩根大通的 Jamie Baker 提出。

I'll admit I had to Google Alaska Access, a little embarrassing to start off with that. So obviously, the corporate momentum is a positive. Can you speak though to how corporate patterns compared to those are pre-COVID? How does trip duration compare as the booking curve elongated, as change fees have gone away, that sort of thing -- behavioral change, I guess, is what I'm asking about.

我承認我不得不用谷歌搜尋阿拉斯加訪問，一開始有點尷尬。顯然，企業勢頭是積極的。能談談與新冠疫情爆發前相比，企業模式如何嗎？隨著預訂曲線拉長、變更費用消失，旅行持續時間如何比較——我想，我想問的是行為改變。

Yes. Thanks, Jamie. I think I probably will have a better answer for you next quarter. As I shared, the rapid up 10%, up 30%, up 24%, just in this first quarter with everything else going on was something we need to better digest, as we move through the second quarter.

是的。謝謝，傑米。我想下個季度我可能會給你一個更好的答案。正如我所分享的，在第一季快速成長 10%、成長 30%、成長 24%，而其他一切都在發生，這是我們在進入第二季時需要更好地消化的事情。

But I am seeing a lot of the traditional demand return as we've seen it historically. But I'll have a better answer after we've digested this quarter and get through the second quarter.

但正如我們歷史上看到的那樣，我看到許多傳統需求的回歸。但在我們消化完本季並完成第二季後，我會有一個更好的答案。

Okay. Well, then you won't fold me when I asked the same question in 90 days. So second question, just on the revised full year guide, First quarter was solid. You've got good visibility, and in the second, I guess I'm wondering what's driving the $2 range in the guide? I mean, to be fair, United has a $2 range as well.

好的。好吧，那麼當我在 90 天內問同樣的問題時，你就不會拒絕我。第二個問題，就修訂後的全年指南而言，第一季表現穩定。你的能見度很好，第二，我想我想知道是什麼推動了指南中 2 美元的範圍？我的意思是，公平地說，曼聯也有 2 美元的價格範圍。

Is it just stylistic that you chose to maintain that range? Or do you really think there's that much variability and uncertainty in the second half? And if so, what are the most uncertain inputs in your model besides fuel?

您選擇維持這個範圍只是為了風格嗎？或者你真的認為下半年有那麼多的變化和不確定性嗎？如果是這樣，除了燃料之外，模型中最不確定的輸入是什麼？

Yes. Thank you, Jamie. There's probably a large component of it that's just habit. Like we've habitually done a $2 range and we tied it in the maybe in the fourth quarter or something. I do think fuel is the largest immediate driver typically that we see that will run us up or down that EPS guide.

是的。謝謝你，傑米。其中很大一部分可能只是習慣。就像我們習慣性地設定 2 美元的範圍一樣，我們可能會在第四季度或其他時間將其捆綁在一起。我確實認為燃料是我們看到的最大的直接驅動因素，通常會影響 EPS 指南的上下。

But yes, I do think the $2 range is more just out of habit than anything. That we're trying to architect around like a specific set of outcomes on the worst-case side versus the best case side.

但是，是的，我確實認為 2 美元的範圍更多的是出於習慣而不是任何原因。我們正在嘗試圍繞最壞情況與最好情況的一組特定結果進行架構。

And just if I can sneak in a clarification. Earlier in the call, did you say double-digit RASM on 3% capacity in April?

如果我能偷偷地澄清一下的話。在電話會議的早些時候，您是否說過 4 月 3% 的產能達到兩位數的 RASM？

What I said was that our intakes coming into the months are up double digit for April.

我所說的是，我們四月的入學人數增加了兩位數。

Like the tickets we're selling today. Not the entire held book...

就像我們今天賣的門票一樣。不是整本書...

Yes, that makes sense. I was pinged by a client about that. So I hadn't heard it that way either. So thank you for the clarification.

是的，這是有道理的。一位客戶就此聯繫了我。所以我也沒聽過。謝謝您的澄清。

And we'll move next to Scott Group with Wolfe Research.

接下來我們將轉向 Scott Group 和 Wolfe Research。

So I just want to follow-up on that last point because if you assume that CASM is approaching flat, right, it feels like the guidance assumes RASM that's flat to down and you're saying it was up 5% in Q1. You sound like everything is really, really good in Q2. So I'm not sure if I'm missing something or if there's a lot of conservatism in the guide? Or any color would be helpful.

所以我只想跟進最後一點，因為如果你假設 CASM 接近持平，對吧，感覺就像指導假設 RASM 持平到下降，而你說它在第一季度上漲了 5%。聽起來第二季的一切都非常非常好。所以我不確定我是否遺漏了一些東西，或者指南中是否有很多保守主義？或任何顏色都會有幫助。

Yes. I think -- Scott, I think the thing to remember in the first quarter is, it's obviously by far our seasonally weakest. Second quarter is very, very strong. And capacity industry-wide is growing, obviously, much more in a second. So it's all relative.

是的。我認為 - 斯科特，我認為第一季要記住的事情是，這顯然是迄今為止我們季節性最弱的。第二季度非常非常強勁。顯然，整個產業的產能在一秒鐘內成長得更多。所以這都是相對的。

I think what your statements around CASM and RASM directionally are spot on. And as we've been shared before, as we get into this period and then we look at our margins and profitability for the second quarter, very strong. And as we've shared before, as we move through this quarter and beyond, West Coast capacity from the industry is reducing growth is reducing. So there's a really good setup for the back half of the year.

我認為您關於 CASM 和 RASM 方向的敘述是正確的。正如我們之前分享的那樣，當我們進入這個時期時，我們會看到第二季度的利潤率和盈利能力非常強勁。正如我們之前分享的那樣，隨著本季及以後的發展，西海岸該行業的產能正在減少，成長也在減少。因此，今年下半年的情況非常好。

Okay. I think I understand. And then you had a comment about we'll tell you more at some point about loyalty, but maybe just give us a little bit of some thoughts about what you're referring to, and that would be helpful.

好的。我想我明白。然後你有評論說我們會在某個時候告訴你更多關於忠誠度的信息，但也許只是給我們一些關於你所指的想法，這會有所幫助。

Yes, Scott, I think in general, I'm not going to share much today, but we have a number of things in the works that we're working on. And at the right time, we're going to be sharing more. I just really wanted folks to know, especially on the revenue side. We have some really good things in store, and we're not ready to share those yet.

是的，斯科特，我想總的來說，我今天不會分享太多，但我們正在做很多事情。在適當的時候，我們將分享更多。我真的很想讓人們知道，尤其是在收入方面。我們有一些非常好的東西，但我們還沒有準備好分享這些。

Andrew was just teasing, Scott. But I -- look, there's a lot of things that we've got a lot of irons in the fire in terms of loyalty and products and stuff. So yes, when the time is right, we'll provide more color on those. But I'm really excited about them.

安德魯只是在開玩笑，史考特。但我——看，在忠誠度、產品等方面，我們有很多事情正在火熱進行中。所以，是的，當時機成熟時，我們將提供更多的色彩。但我真的為他們感到興奮。

Our next question will come from Stephen Trent with Citigroup.

我們的下一個問題將來自花旗集團的史蒂芬·特倫特。

The first one kind of an ignorant one for me, but let's say, hypothetically Alaska and Hawaiian merge, there aren't any sort of major adjustments in capacity that the DOJ passes down. Could you tell at this juncture whether your exposure to West Coast refining cost would rise with the combined Hawaiian? Or would it kind of stay the same or is it kind of too early to tell?

第一種對我來說有點無知，但是假設阿拉斯加和夏威夷合併，司法部不會對權力進行任何重大調整。此時此刻，您能否判斷您所承受的西海岸煉油成本是否會隨著夏威夷煉油成本的合併而上升？或者它會保持不變還是現在下結論還為時過早？

Yes. Thanks, Steve, I'll -- I'm not going to hypothesize too much, but I'll tell you that the fuel prices in Hawaii are significantly lower than you see in the Continental U.S.

是的。謝謝，史蒂夫，我不會做太多假設，但我會告訴你，夏威夷的燃料價格比你在美國大陸看到的要低得多。

Okay. Very clear. Super. And just one quick follow-up. I mentioned 90 days ago about what you guys are doing and the nice work you've done and having that investment-grade credit rating. Could you refresh my memory sort of what the push might be to get an investment-grade rating from all 3 agencies?

好的。非常清楚。極好的。只需一個快速跟進。我在 90 天前提到你們正在做什麼、所做的出色工作以及擁有投資等級信用評級。您能否讓我回憶一下，從所有 3 個機構獲得投資等級評級的推動力可能是什麼？

Yes, Stephen, good question. I think we deserve it, and we are hopeful that they review us soon and reconsider their ratings. We're not actively out talking with the other 2 agencies right now. We've got a lot going on, and we're really focused on hopefully, closing the proposed acquisition of Hawaiian, we've got to go to market potentially and raise some money to do that.

是的，史蒂芬，好問題。我認為我們應得的，我們希望他們盡快對我們進行審查並重新考慮他們的評級。我們目前沒有積極與其他兩家機構進行談判。我們有很多事情要做，我們真的專注於希望完成對夏威夷航空的擬議收購，我們必須潛在地進入市場並籌集一些資金來做到這一點。

So that's our focus right now. We'll get that behind us and then I think we've got really good debt metrics, credit metrics. I think we're definitely deserving of reconsideration by the other 2 agencies, and we'll keep making our case over time to them.

這就是我們現在的重點。我們會把它拋在身後，然後我認為我們已經有了非常好的債務指標和信用指標。我認為我們絕對值得其他兩個機構重新考慮，隨著時間的推移，我們將繼續向他們闡述我們的理由。

And we'll move next to Conor Cunningham with Melius Research.

接下來我們將與 Melius Research 的 Conor Cunningham 進行交流。

As you talked to Boeing, are you looking to completely rework the order book? It just seems like -- the comments today seem like you're more focused on '24, but is there an opportunity to kind of, I don't know, stabilize that over the next couple of years? I'm just trying to understand what you want in a new delivery stream from them going forward?

當您與波音公司交談時，您是否希望徹底修改訂單簿？看起來——今天的評論似乎你更關注“24”，但我不知道，在未來幾年裡是否有機會穩定這一點？我只是想了解您對他們未來的新交付流有何要求？

Yes. Thanks, Conor. I think -- yes, look, there's 2 or 3 moving pieces, their own ability to get back to production rates that support a consistent and reliable delivery stream, which most important to us is the quality and safety of the manufacturing process.

是的。謝謝，康納。我認為 - 是的，看，有 2 或 3 個移動部件，它們自己有能力恢復支持一致且可靠的交付流的生產率，這對我們來說最重要的是製造過程的品質和安全。

So we've got to sort that out. We also prefer the MAX 10 at this point. It's not certified yet. We've got to make decisions about when to expect that. I think it's going to come later than we had expected, which was second half of next year.

所以我們必須解決這個問題。目前我們也比較喜歡 MAX 10。它還沒有被認證。我們必須決定何時會發生這種情況。我認為它會比我們預期的要晚，即明年下半年。

And then again, if the proposed transaction is able to proceed, we've got another 60 to 65 aircraft to think about, along with 330 or so we have today. So we just need to take some time, look at all of these variables and put together a new skyline for the Boeing MAX deliveries.

話又說回來，如果擬議的交易能夠繼續進行，我們還有另外 60 到 65 架飛機需要考慮，加上我們今天大約有 330 架飛機。因此，我們只需要花一些時間，研究所有這些變量，並為波音 MAX 交付建立一個新的天際線。

I think, directionally, it will probably be less than we had been thinking about even a year ago. So it should be good for CapEx story, good for a free cash flow story over time, but we need another quarter or 2 to really work through that on our side and then with our partners over at Boeing.

我認為，從方向上看，它可能會比我們一年前想像的要少。因此，這應該有利於資本支出的故事，有利於隨著時間的推移實現自由現金流的故事，但我們還需要一兩個季度才能真正解決這個問題，然後與波音的合作夥伴一起解決這個問題。

Okay. That's helpful. And then on this -- on the Premium revenue and then versus your Saver, I'm just -- it seems like there's a pretty huge spread going on. And I don't know if there's anything to glean into like your main cabin Saver Fare option. Is -- I'm just trying to understand how you think about that spread over the long term.

好的。這很有幫助。然後在這一點上——關於高級收入，然後與你的儲蓄者相比，我只是——似乎存在相當大的差距。我不知道是否有任何可以收集的信息，例如您的主艙特惠票價選項。我只是想了解您如何看待這種長期傳播。

And then maybe as -- sorry, as an incremental follow-up to that. Your -- I think your inventory -- you didn't sell your inventory as far out as you initially did and you talked about closing. Are you thinking about changing how you -- how your inventory sits going forward to try to capture more of the close-in demand given your premium offering. Sorry about that. I realize it's like 9 questions, but thanks.

然後也許是——抱歉，作為對此的增量後續行動。你的——我認為你的庫存——你沒有像最初那樣出售你的庫存，而且你談到了關閉。您是否正在考慮改變您的庫存配置方式，以嘗試在優質產品的情況下捕捉更多近期需求。對於那個很抱歉。我知道這就像 9 個問題，但謝謝。

It's all right. I'll answer by just high level. I think the Saver Fare has been a very good product for us. In fact, we've made it significantly more available than we did last year. We've also seen significant increase in revenues buying out of Saver. And it's at a very valuable tool in the seasonality, given where our network moves around.

沒關係。我會以高水準來回答。我認為特惠票價對我們來說是一個非常好的產品。事實上，與去年相比，我們已經讓它變得更加可用。我們也看到 Saver 購買收入顯著增加。考慮到我們的網路移動的位置，它是季節性中非常有價值的工具。

I think we're focused on and probably, historically, we've pretty much chased loads to some respect. And I think as we're seeing where the industry is and where we are, we're putting more focus on yields and how we structure the pricing of our cabins, both Main and Premium and the Saver. And I think what I can tell you is that we're more than ever getting more deliberate about how we manage our product setup in our cabin. And I think there's only good news to come from that.

我認為我們關注的是，而且從歷史上看，我們在某種程度上已經在很大程度上追逐了負荷。我認為，當我們看到行業和我們所處的位置時，我們會更加關注收益率以及我們如何建造客艙的定價，包括主艙、高級艙和特惠艙。我想我可以告訴你的是，我們比以往任何時候都更加慎重地考慮如何管理機艙內的產品設定。我認為這只是好消息。

And we'll move next to Mike Linenberg with Deutsche Bank.

接下來我們將請到德意志銀行的 Mike Linenberg。

Andrew, you probably have better than anyone, a good sense of this evolution of close-in Leisure. I really feel like it was something that hit the scene big time during COVID. A lot of it had to do with just last-minute reopenings and the like. I sort of feel pre-COVID, it was either a bereavement fare or I don't know, maybe your pal scored you a ticket to the Taylor Swift concert and you found out about it last minute. But it's becoming a bigger piece. And I don't know if it's 5% of kind of your -- when you look at your various segments, corporate, discretionary, whatever long-haul international.

安德魯，你可能比任何人都更了解這種近距離休閒的演變。我真的覺得這是在新冠疫情期間引起轟動的事情。其中很大一部分與最後一刻重新開放等有關。我有點感覺新冠疫情之前，這要么是喪親之痛，要么我不知道，也許你的朋友給你買了一張泰勒·斯威夫特演唱會的門票，而你是在最後一刻才發現的。但它正在成為一個更大的部分。我不知道這是否是您的 5%——當您查看各個細分市場時，企業、全權委託、無論是長途國際航班。

Can you talk about that evolution? Because I don't think it's a category, but maybe it's become a much bigger category than what I realize, and it can have a meaningful impact on RASM.

您能談談這種演變嗎？因為我不認為它是一個類別，但也許它已經成為一個比我意識到的更大的類別，並且它可以對 RASM 產生有意義的影響。

Well, number one, flattery will get you everywhere. So thank you. But we had a huge learning from COVID. We were squeezing out the cabin because we went for loads. And there was a robust leisure. And of course, when I talk about leisure, I'm talking also about Chase loyalty and Costco and major leisure agencies.

嗯，第一，阿諛奉承會讓你無所不能。所以謝謝。但我們從新冠疫情中學到了很多。我們擠出了機艙，因為我們要裝東西。還有一種充實的休閒。當然，當我談論休閒時，我也談論大通忠誠度和 Costco 以及主要休閒機構。

So what we're really seeing is that for us at least, we had structured our cabin and our demand environment to take more further out and leave less closer in. And I think what we're finding is there is a -- the whole group of customers and guests who are a strong leisure traveler that just book a lot closer in and we're making seats available for them today. And of course, given the fair fencing and how that all works, the yields are much better than they would be further out.

所以我們真正看到的是，至少對我們來說，我們已經建造了我們的機艙和我們的需求環境，以將更多的東西放在外面，而將更少的東西放在裡面。發現的是——整個一群顧客和賓客都是休閒旅行者，只是在距離較近的地方預訂，我們今天就為他們提供座位。當然，考慮到公平的圍欄以及這一切的運作方式，收益率會比更遠的情況要好得多。

Absolutely. Absolutely. That makes sense. And then just my second, I know you did talk about a couple of teasers and things that we should look out for. You did drop loyalty. I know Ben mentioned loyalty. If anything, are we up for renewal this year?

絕對地。絕對地。這就說得通了。接下來是我的第二個問題，我知道你確實談到了一些預告片和我們應該注意的事情。你確實失去了忠誠度。我知道本提到過忠誠。如果有的話，我們今年會續約嗎？

No. We're past that. But I think -- if you just -- what I would say about loyalty, and you've heard other side is such a very powerful and important part of our business. If you look at the environment and how loyalty programs, they're all evolving and there's changes.

不，我們已經過去了。但我認為——如果你只是——我會說關於忠誠度，你也聽說過其他方面是我們業務中非常強大和重要的一部分。如果你觀察環境以及忠誠度計畫的方式，你會發現它們都在不斷發展並且改變。

And so we are looking at how our loyalty program needs to change and evolve. And I think there's just real upside. And again, we're not willing to share anything today other than this is an area of focus for us.

因此，我們正在研究我們的忠誠度計劃需要如何改變和發展。我認為這確實有好處。再說一次，我們今天不願意分享任何除了這是我們關注的領域之外的內容。

And we'll move next to Dan McKenzie with Seaport Global.

我們將接聽 Seaport Global 的 Dan McKenzie 的演講。

A couple of questions here. I guess my first question really is a head count versus fleet count question. So what number of deliveries are you -- I guess, are you guys hiring to? And then I guess where I'm going with that is the overhead or the cost burden that Alaska is carrying because the deliveries are coming in a little less than expected. And then I guess, is Boeing compensating you for that cost burden?

這裡有幾個問題。我想我的第一個問題其實是人員數量與機隊數量的問題。那麼你們的送貨量是多少——我猜，你們正在招募嗎？然後我想我要考慮的是阿拉斯加所承受的管理費用或成本負擔，因為交貨量略低於預期。然後我想，波音會補償你的成本負擔嗎？

Thanks, Dan. A couple of things here on this one. I think we originally had anticipated 23 deliveries. Of course, when they come is an important variable as well. As evidenced by our revised full year capacity guide and CapEx guide, we expect to get fewer than that.

謝謝，丹。關於這個，有幾件事。我想我們最初預計有 23 次交付。當然，它們何時到來也是一個重要的變數。正如我們修訂後的全年產能指南和資本支出指南所證明的那樣，我們預計獲得的收益將少於這個數字。

Boeing actually has 10 aircraft essentially built and going through the final review and ticketing process. So we expect to get all of those and probably some additional units beyond that. So we're thinking somewhere between 10 and 20. We have a number of aircraft we are planning to retire. So many of those aircraft were going to replace older 900 classics. So our headcount situation is in really good shape relative to the delivery stream coming our way.

波音公司實際上已經製造了 10 架飛機，並正在進行最終審查和售票流程。因此，我們希望獲得所有這些，或許還有一些額外的單位。所以我們正在考慮 10 到 20 架之間。其中許多飛機將取代舊的 900 經典飛機。因此，相對於我們的交付流而言，我們的員工數量狀況非常好。

We're not going to be materially overstaffed. I don't believe in any part of our business. We watch that closely. We had to staff up a bit throughout the end of last year to get ready for this year and the spring, but I don't think that we're going to be in a significant drag position from a cost perspective. And to the extent that we are having conversations with Boeing in terms of compensating us for that.

我們不會出現人員過多的情況。我不相信我們業務的任何部分。我們密切關注這一點。去年年底，我們不得不增加一些人員，為今年和春季做好準備，但我認為從成本角度來看，我們不會處於嚴重的拖累狀態。我們正在與波音公司就賠償問題進行對話。

Yes. Very good. Okay. And then I guess, Shane, another question for you here. In the 10-K, Alaska highlighted 200 million gallons of SAF through 2030. And I guess I'm just curious, how many gallons you're planning to buy here in 2024? And what is the cost differential today of that versus West Coast jet fuel? And then where do you think that differential can go, say, in 2 to 3 years' time? And I guess what I'm trying to get at is probably a small percent of your overall volume, but I'm just trying to get a sense of the margin headwind from that.

是的。非常好。好的。然後我想，肖恩，還有一個問題想問你。在 10-K 中，阿拉斯加強調到 2030 年將消耗 2 億加侖的 SAF。如今，這種燃料與西海岸噴射燃料的成本差異是多少？那麼您認為這種差異在 2 到 3 年後會走向何方？我想我想了解的可能只是您總交易量的一小部分，但我只是想從中了解利潤逆風。

Yes. Thanks for the question. So it is a small part of the overall buying and that's in large part because it's a small part of the supply in the world at large. For 2024, it will be about 1% of our total fuel and that's coming from a couple of different suppliers. It is -- there is a green premium over the cost of Jet A.

是的。謝謝你的提問。因此，它只佔整體購買量的一小部分，這在很大程度上是因為它只佔全球供應量的一小部分。到 2024 年，這將占我們總燃料的 1% 左右，並且來自幾個不同的供應商。確實如此——與 Jet A 的成本相比，存在綠色溢價。

We're fortunate to have a lot of really strong corporate partners that are working with us to co-invest in SaaS in a way that also offsets the Scope 3 emissions of their business travel. And we're doing a lot in the market to try to grow and mature the staff market in the future and which includes looking at the cost down curve of different technologies and different producers.

我們很幸運有許多非常強大的企業夥伴與我們合作共同投資 SaaS，同時也抵銷了他們商務旅行的範圍 3 排放。我們在市場上做了很多工作，試圖在未來發展和成熟員工市場，其中包括研究不同技術和不同生產商的成本下降曲線。

Dan, I think -- thanks, Diana, for the color. I don't think there's a noticeable margin headwind from it this year. Obviously, it's a consideration for the entire industry as we move forward and becomes a larger part of supply, but we're probably a few years before it really starts to show up in a way that increases materially the cost of fuel going into the plan.

丹，我想──謝謝戴安娜，給我這個顏色。我認為今年的利潤率不會有明顯的阻力。顯然，隨著我們向前發展並成為供應的更大一部分，這是整個行業的考慮因素，但我們可能需要幾年時間才能真正開始以大幅增加計劃中燃料成本的方式出現。

Your next question will come from Chris with Susquehanna Financial Group.

您的下一個問題將來自薩斯奎哈納金融集團的克里斯。

Shane, the comment you said for 2Q, I think it was flattish CASMex. Just want to confirm that, that's ex the freighter cost? And then freighters are not typically discussed here. I think you're sizing up that fleet. Can you just remind us of the current size and where that's going this year?

Shane，你對第二季的評論，我認為 CASMex 很平淡。只是想確認一下，那是不含運費的嗎？然後這裡通常不討論貨機。我認為你正在評估那支艦隊。您能否提醒我們目前的規模以及今年的發展方向？

Thanks, Chris. Yes. And that comment is ex freighter cost. But you'll be able to see the year-over-year. I don't think it's going to be materially different even if you included freighter costs in both years. Yes, we had a fleet of 3, which is a small fleet. They do a lot of work for us up in the State of Alaska.

謝謝，克里斯。是的。該評論是前貨機成本。但你將能夠看到年復一年的情況。即使您將這兩年的貨運成本都計算在內，我認為情況也不會有太大不同。是的，我們有一支由 3 架飛機組成的小型機隊。他們在阿拉斯加州為我們做了很多工作。

It's really important to our customers up there. It's something we're proud of being able to do. We've been the predominant cargo carrier in the State of Alaska for most of our history. We're moving to 5 dedicated freighters. Again, most all of that Lyft will be in the State of Alaska. And who knows over time, if we'll be able to continue to increment from that base of 5. We would certainly like to if the business remains strong.

這對我們的客戶來說非常重要。我們為能夠做到這一點而感到自豪。在我們的大部分歷史中，我們一直是阿拉斯加州的主要貨運承運商。我們將轉向 5 架專用貨機。同樣，Lyft 的大部分業務都將在阿拉斯加州進行。誰知道隨著時間的推移，我們是否能夠在 5 的基礎上繼續增加。

Okay. And just my follow-up, and Ben, I think you said in your prepared remarks that you're anticipating a better supply-demand balance in the core markets in the second half. And so we've had a competitor retreat from parts of L.A. It doesn't look like they're coming back, outside of this, I'm curious how confident are you in this supply backdrop or this sort of new dynamic, if you will, going forward?

好的。我的後續行動，本，我想你在準備好的發言中說過，你預計下半年核心市場的供需平衡會更好。因此，我們已經有競爭對手從洛杉磯部分地區撤退。 ？

Well, look, I think if you look at how Q1 turned out for us and again, it was just an amazing quarter from what it was in Q1 of 2023. So we're just looking at just the higher water level we're starting from in Q1, and that's translating forward into Q2. Just based on everything we're seeing in terms of demand and Andrew touched on a lot of those things, we just feel like we're well positioned.

好吧，我想，如果你看看我們第一季的結果，你會發現，與 2023 年第一季相比，這只是一個令人驚嘆的季度。第一季開始，這將轉化為第二季。根據我們在需求方面看到的一切以及安德魯談到的很多事情，我們覺得我們處於有利地位。

So that's why we're forecasting double-digit pretax margins. And so we're feeling really strong. It's our most profitable quarter. And so I think we're really set up well for Q2 and the rest of the year.

這就是為什麼我們預測稅前利潤率為兩位數。所以我們感覺非常強大。這是我們利潤最高的季度。因此，我認為我們已經為第二季和今年剩餘時間做好了準備。

Thank you so much, Chris, and thank you, everyone, for joining us. You guys, have a great day, and we'll see -- we'll talk to you guys next quarter.

非常感謝你，克里斯，也感謝大家加入我們。你們，祝你們有美好的一天，我們會在下個季度再和你們談談。

This concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。感謝您的出席。